In this video I show step-by-step and in detail how to make an international money transfer using popular service TransferWise.
I use an Australian to Canadian dollar transfer as an example but the steps are almost the same for any currency supported by TransferWise, including US Dollars, UK Pounds, Euros and Yen.
The money transfer service shown in this video:
[Referral Link to support my channel. The "free transfer" promotion has been phased out :( TW is still a great deal though!]
List of supported countries here:
My favourite Canadian bank:
Use my Orange Key -- 51960377S1 -- to get a 50$ bonus when you open an account.
Alternate money transfer service:
[Referral link. Free transfer + 30€ bonus if you transfer 2000€ or equivalent]
List of supported currencies to ‘send in’ money:
Check if they have a local account to ‘send in’ your currency: https://www.currencyfair.com/how-it-works/exchange-process-times/
Watch my video explaining fees vs. exchange rate spread and why using your bank to do international transfers is a bad idea:
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If you have money in your Borderless Account, you can send out that money to any destination supported by TW. For example if you have Euros in your BA, go to Balances -> EUR -> Send EUR -> Pick your recipient (or create a new recipient). Recipients can be yourself or someone else in any country supported by TW.
Helpful. I’m trying to do my very first transfer from Canada to Uk. I have the sort codes entered but nothing else happens. No where to enter the account number & proceed to the steps you’ve outlined. What do I do now?
Oui. Si tu as des Euros sur ton 'Borderless Account' Transferwise (par exemple un client en Europe fait un virement pour te payer en Euros), tu peux ensuite facilement faire un virement de ton compte TW en Euros vers un compte au Canada en CAD. (Balances -> EUR -> Send EUR -> Choisir son compte au Canada comme destination)
Oh ba tu parles français, j'ai écrit en anglais mais je me débrouille mieux en français. Si je reçois de l'argent sur transferwise sur un compte multi devises euro, est ce qu'après je peux récupérer cet argent sur mon compte RBC? Merci
If for example, I am an employer and I want to send money to my employee's bank account using TW, does my employee need to create a TW account or do I just provide the bank details upon sending the money, et cetera? Thanks for the awesome video!
PayPal isnt a supported way to send money to TransferWise. If your clients are in the UK, Eurozone, USA or Australia you can setup a Borderless Account and give your clients local bank details. They can use these details to do a local bank transfer. More details here: https://transferwise.com/help/article/2865318/borderless-account/how-can-i-use-my-local-account-details
Oops sorry! I was sure that Nigeria wasnt supported... maybe they added it recently! So yes it appears that you can send money to Nigeria from the USA. You can send in your US dollars using various methods including credit/debit cards. More info here: https://transferwise.com/help/article/1667423/us-dollar-transfers/usd-transfers#/fromUSA
All those pretty good services are underdeveloped. First off all if there are putting a Q&A long as a China wall its means that service need to think about their serviceableness. Okay, transferwise is created to transfer money, but to the end we do not know whether this money can be held directly in the application or just only to transfer from account to account and never really hold money in this application. Because it is quite confusing. Second, the recipient is me and someone else? This is very confusing. The main account is what account, which ones we top up more often, it is not known which main account should be. In total, we are transferring ourselves, but if we transfer money to someone else, we add the account as who, recipient, very illegible this application. I have the impression that, as usual, engineers obstruct everything that can be decidedly easier. If there are films like yours, it just shows that it's all very far from perfection.
Sorry to hear you're having problems. How did you contact them and how long ago was that? I would be shocked if you lost your 500$. Might take a few days to sort out why they deactivated your account but I'm sure they will refund you if they cant complete the transfer.
If you want to send USD to Euros: you pay Transferwise in USD (with credit, debit or local bank transfer), tell TW the details of your Euro bank account in Europe and they will send Euros to that account.
+CreativeNomad TV wait, so If i do the transfer from my banking account to my debit card, from usd to euros, it just shows later that I habe a certain amount of euros in my account now, verses dollars? This is the part I'm not understanding.
I've used xe.com in the past without problems. They've been around for a long time. I switched to Transferwise because they were a bit cheaper than XE for my needs. However XE is still
much cheaper than using a regular bank.
Unfortunately Transferwise can only send money from USA to Mexico, not the other way around. You might have better luck with other money transfer services like xe.com. You can also check out moneytis.com to search for a money transfer service that will do what you need.
Hi there, I am soon going to australia and have a Canadian debit card. I dont have an australian bank account yet, can i do the transfer once i'm there? And if I use your link will i have a free tranfer?
Empire Of Kulture You can setup your Transferwise account even if you dont have an Australian account yet. You can also setup a Transferwise borderless account in AUD if you want to transfer/convert money in advance. However, you will need a 'real' account with an Australian Bank to withdraw cash (the account can be yours or a trusted friend). Unfortunately transferwise has ended my free transfer promotion. You can still support this channel by using the referral links in the description. :)
SWIFT is an international standard for bank information. It's just an alternate way to identify your bank/branch/account. For some transfers, Transferwise might require the SWIFT code of your recipient's bank.
I've never used them personally but they seem like an alternative to Transferwise. Either Worldremit or Transferwise should be much cheaper than banks for international transfers. You can use the calculators on the front pages of both TW and WR to see which one will give you the most for your particular transfer.
No..not really fast. I have my account details in transferwise. I had sent once before.Now when i sent money from Singapore to Australia (to my own account)..i was shocked when i saw transfer is complete But i could not see it in my ANZ acct. When i kept using the app to see what has happened...i found that money was sent to Transferwise's ANZ acct and NOT my account...it has been more than 28 hours and it is now the week end and believe me i had tried as many as 10 times trying every help line ..i see in the app.. to get in touch with some one from Transferwise/email/ chat (doesnot work), call (does not work) etc.Nothing works...i dont want to park the money in transferwise...its not about verification etc as all that is cleared..also i have sent once before about 6 months ago. .so why did the bank account details of Transferwise Australia added in between??!!!. MY bank details are still there in the system...I certainly did not type in those details of the Transferwise's bank account (BSB number/ Account Number etc.)....And worst of all is there are no email support as well to my queries, i sent, from the time the app showed as money successfully transferred!!! since that info..i.e.it has been more than 24 hours...i tried clicking on every transferwise help centres etc even in other countries as shown.. bec of the time diff ...trying to get some explain or let them know....no help ...i sent emails with all the reference for the transfer...nothing..no replies to the emails sent 24 hours ago...
It varies a lot depending which countries are involved in the transaction. It can be within 24h but can take a few business days on some routes. Transferwise will give you a time estimate before you commit to the transaction.
Enter the code "CLAIM10" while doing the money transfer using http://transfergo.com . You will get £ 10 or Equivalent money in local currency (around $13 ) into your bank account for free. To be honest trust TransfeGo, it is amazing and quick. For free transfer and free £ 10 use this link: http://transfergo.com/en/r/CLAIM10
I am very happy you don t lose money using them and they have a really good service.
Using dedicated money transfer services like Transferwise is usually *much* cheaper than using a retail bank to transfer money overseas. To see costs compared check out the video titled "Money Transfer Explained" on this channel.
Hi, I am in Australia, got Boarderless account - for USA. Can transfer to my AUD to US just fine but when I try to order Debit Card it says the facility is not available in Australia....I noticed you seem to be in Australia...did you manage to get your Debit Transferwise Card?? Thanks
1. I am based in Canada and want to pay my supplier located in China using USD. Will TransferWise let me send X amount of CAN dollars so that my supplier in China receives X amount in USD?
2. Can I receive money in USD and keep it in my TransferWise account? So that when I need to pay my supplier, instead of transfering CAN to USD, I would simply pay him with the USD dollars I received?
In other words, does the location of where we are sending the money or receiving money mathers?
Yes 'location matters'! In general, Transferwise only allows you to 'send in'/'send out' currencies in their respective countries. For example CAD can only be sent/received within Canada.
For more details check this link: https://transferwise.com/help/article/1570071/basic-information/supported-countries
Transferwise also offers a 'Borderless Account' which gives you a virtual US bank account. You can send in CAD for example, convert it to USD and keep it in your Borderless Account as USD until you need it. You can also give your virtual account details to people/businesses in the US so they can pay you in USD directly.
If your supplier accepts CNY, you may be able to send it using TW (see link above).
Otherwise if your supplier has a USD account in the US, you can definitely use TW to pay them.
Can I just convert currency using their service? I have two debit mastercards one in EUR other in USD. Can I suppliment my card with one of those currencies and make a transfer or exchange to the other one?
TW can only send out money to bank accounts. If you have bank account details where you can send the money to top up your cards, the yes you can use TW. Alternately if you live the UK/EU, have a look at the new Transferwise Debit MasterCard. This one can be topped up using the balance of your Transferwise Borderless Accounts.
Transferwise has the option to send money to someone other than yourself. See the screen at 1:42 titled "Who are you sending money to?".
If you know the bank details for the recipient, you can fill them in yourself when setting up the transfer. If you don't know their bank details, then you need to provide the recipient's email address and TW will send them a form to fill in their bank details themselves.
Either way the recipient needs to have a bank account to receive the funds.
When you setup the transfer TW gives you an estimated "Should arrive by..." date. It varies quite a bit depending which currencies your are sending to/from and which payment method you use to send your money to TW. The example shown in the video took 1 business day, but you can expect at least a few business days for larger transfers and more "exotic" routes.
What if you just want to receive cash in the form of a different currency to your native one? I do this when I go abroad and need the local currency, but usually get ripped off by the currency exchange people with the bad rates.
Is there any place you can send a TW transfer then collect the cash from a merchant (if it's called)? that).
Did you have any luck? I want to transfer money from my Australian bank account to TransferWise, have them change it to Euro and USD and then forward that onto my Cash Passport, but can't as my cashpassport doesn't have an Iban number because i'm not a european resident
If you are a resident of Europe/UK, Transferwise just released their debit MasterCard a few days ago. Combined with their "Borderless Account", this seems to be the best way to get a good exchange rate when making purchases on holiday for example. I can't wait to test it myself, but since I live in Canada, I'll have to wait a bit longer. :) Otherwise getting cash foreign currency at decent rates is still difficult I've found.
You should be able to include a reference when setting up the transfer, depending which country you are sending the money to. Some more information here: https://transferwise.com/help/article/2348295/business/business-payment-tips
Does TransferWise require the banks you are using to be an active participant in the process? What I mean is, do you have to use a bank that accepts TransferWise transfers, or is it just a straightforward deposit? The recipient to whom I am sending money asked about TransferWise at the bank, and they were told that the bank only accepts Western Union, MoneyGram, and Swift. I think TransferWise is a much better deal, but I'm not sure if it would work. Thanks.
If your recipient's country is supported (see here: https://transferwise.com/help/article/1570071/basic-information/supported-countries ) then you should be able to send money to any bank account in that country. Transferwise uses local banks for sending money as well as receiving, so as far as the recipient's bank is concerned, it's just a local transfer from some local bank.
Hi Theodore, no the bank doesn't have to be affiliated with TransferWise. The method that TW uses to deposit the money in the receiving account varies from country to country. If your recipient's bank accepts SWIFT there is a very good chance TW can send money there.
You can check out my video called 'Money Transfer Explained' where I compare XE, Transferwise and Currencyfair.
Transferwise is cheaper than XE and has a sleeker website/app in my opinion. You also have more ways to pay for your transfer with TW. However XE covers more countries than TransferWise so if your country isnt supported, than XE is still way better than the banks.
I've used XE in the past quite a bit and used TW a lot recently and they have both been equally reliable The main reason I switched was because TW is cheaper.
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